PLEASE I need help with budgeting summary: The Never-Ending budget process. consumer math B, unit 2 lesson 11.
Here’s the questions.
1. When your expenses are more than your income, you have
(1 point)
A. assets
B. excess expense
C. surplus
D. a deficit
2. If you are given a 2% raise and the inflation rate is 3%, you are
(1 point)
A. seeing no change in your paycheck
B. making the same amount as before in today's dollars
C. making less money in today's dollars
D. making more money in today's dollars
3. You have a second job that pays $8.50/hr and your deductions are FICA (7.65%), federal tax withholding (11.25%), and state
tax withholding (7.25%). If you want to save $220.00/month, how many hours do you need to work at your second job?
(Remember to round up to the nearest whole hour.)
4. Round any decimals to the nearest penny.
You decide to work 50 hr/month at your second job from question #3. How much discretionary money do you have after you
put $220/month aside?
